Islandg1211: Frank started our day with an East to the West sunset. I followed up with that analogy of the global monetary reform moving from China's gold market and IMF's SDR inclusion, to Vietnam's, Iran's, and Iraq's monetary reforms, ending with the sunset of the USD.

Great to see these meetings going on now in Washington with the Fed.

Then we had all the articles from Iraq still squabbling over the reforms. And the thought came to me, "Pharoah was the last to know of his own demise."

Family, did you notice who we didn't hear from today in Iraq? It was like, "round up the usual suspects" with the talk of delay from Maliki's group, the Kurds, even Keywords. But, we didn't hear from the Clerics, Sadre and Sistani. Why not?

Because they don't need to organize a protest for tomorrow. They know their Fatwa was already being implemented. It's the objectors who will be the last to know.

I was also thinking about when a company fires someone. Security comes and they are escorted out.

I've been reminded to point out that all my posts are always in my opinion.
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Walkingstick: What's Happening 3:00 PM

In the morning, the President and the Vice President will receive the Presidential Daily Briefing in the Oval Office. This meeting is closed press.

In the afternoon, the President will meet with Federal Reserve Chair Janet Yellen to discuss the state of the American and global economy, Wall Street Reform, and the long-term economic outlook; the Vice President will also attend.

This meeting in the Oval Office is closed press.

The President meets with Federal Reserve Chair Janet Yellen; the Vice President also attends

It is anticipated that the closed meeting of the Board of Governors of the Federal Reserve System at 11:30 AM on Monday, April 11, 2016, will be held under expedited procedures, as set forth in section 26lb.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board's offices at 20th Street and C Streets, N.W., Washington, D.C. The following items of official Board business are tentatively scheduled to be considered at that meeting.

Meeting Date: Monday, April 11, 2016Matter(s) Considered

1.Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks.

A final announcement of matters considered under expedited procedures will be available in the Board's Freedom of Information and Public Affairs Offices and on the Board's Web site following the closed meeting.

For more information please contact: Michelle Smith, Director, or Dave Skidmore, Assistant to the Board, Office of Board Members at 202-452-2955.

President Barack Obama will meet with U.S. Federal Reserve Chair Janet Yellen on Monday to discuss the economy and Wall Street reform, the White House said on Sunday.
Vice President Joe Biden will also attend the meeting. The president and the Fed chair meet regularly to discuss economic issues.

Obama has presided over a steady economic and jobs recovery since the 2008 financial crisis and is nearing the end of his term in office.

The Fed has signaled it will exercise caution on interest rate increases because of concerns over the global economy, after implementing its first rate rise in almost a decade in December.

"In the afternoon, the president will meet with Federal Reserve Chair Janet Yellen to discuss the state of the American and global economy, Wall Street reform, and the long-term economic outlook; the vice president will also attend," the statement said.

A former aide to Federal Reserve Chair Janet Yellen has broken ranks with his former employer and issued a blueprint for a sweeping reform of the U.S. central bank, including regular government audits and shorter term limits for policy makers.

Dartmouth College professor Andrew Levin targeted four areas of change for the Federal Reserve system: make the Fed a fully public institution; ensure the process of picking regional Fed presidents is transparent; set seven-year term limits for regional presidents and Board governors; and make the entire Fed subject to external review.

The proposals were taken up by the union-backed activist group Fed Up, which promoted them Monday in a conference call with journalists, and come during an election year where the central bank has been a campaign topic.

“There is one key principle in this document which is the Fed needs to become a public institution,” Levin said. “Pragmatic, reasonable Fed reform should be able to be passed by the Congress, by both parties. That is my hope.”

The Dartmouth professor worked two decades at the Fed, and was a special adviser from 2010 to 2012 to former chairman Ben S. Bernanke, and Yellen when she was vice chair, according to his biography page at the university.
Legislative Plans

Republicans in the U.S. Senate and the House of Representatives last year proposed legislation that included reforms of the central bank, though none has become law. Fed spokeswoman Michelle Smith declined to comment.

As recently as February, Yellen said that while the Fed might be structured differently if it were created today, she believed it still worked well and wasn’t “broken.”

“Of course the structure could be something different and it’s up to Congress to decide that -- I certainly respect that,” she said at a Senate hearing. “I simply mean to say I don’t think it’s broken the way it is.”

The Fed system, which sets interest rates for the U.S. economy, is made up of a Board of Governors in Washington and 12 regional Fed banks. It was created by an act of Congress, yet private banks hold stock in the regional Fed institutions as a result of the way the capital structure was set up when the Fed was born more than a century ago.

“The Federal Reserve is the only central bank that I know of that isn’t a fully public central bank,” Levin said in an interview.

Levin said the 12 regional banks should become fully public entities, meaning they have to somehow eliminate or repurchase the stock they have issued to private member banks. He also proposed banning anyone affiliated with financial institutions overseen by the Fed from serving as a regional Fed director.
Three Classes

Each regional Fed has a nine-member board of directors which includes three Class A directors who represent private member banks, three Class B directors picked by the private banks to represent the public -- typically local business people -- and three Class C directors chosen to represent the public by the Fed board in Washington.

The presence of financial interests on Fed boards has been a long-standing source of criticism. Currently, for example, James Gorman, chairman and chief executive of Morgan Stanley, sits on the New York Fed Board as a Class A director.

Prior the passage of the Dodd-Frank financial reform act in 2010, Class A directors also helped pick the 12 regional Fed bank presidents, subject to the approval of the board in Washington. That potential conflict of interest, with bankers appointing their own supervisors, was limited by Dodd-Frank, which restricted the selection process to Class B and Class C directors.

Levin said the current system of picking Fed presidents, which is led by regional board directors, is too secretive. He recommended the reserve bank boards accept nominations from the public, publish a list of eligible nominees, and then engage in a “selection process that involves genuine public participation.”

The Dartmouth professor also said that the entire Fed system should be subject to “external reviews” and disclosure requirements “just like every other key public agency.”

“The Government Accountability Office should produce a regular annual review of all aspects of the Fed’s policies, procedures, management, and operations,” Levin wrote in his proposal. The Fed has strenuously objected to calls by Republican lawmakers that monetary policy decisions be subject to GAO audit. In the interview, Levin said the GAO should focus on the management and operations of the Fed system, “not so much on monetary policy.”

“Part of the financial crisis was due to mismanagement in the division of supervision at the Fed,” Levin said in an interview. GAO reviews would provide assurance to the public and Congress that the “Fed is a well-managed organization,” he said

RUMORS swirling say "Martial Law discussions over a banking system failure" are the reasons President Obama and Vice President Biden are to meet with Fed. Chair Janet Yellen today after the Federal Reserve's Emergency Meeting this morning. In the history of the United States, it has never before taken place that both the President AND Vice President meet "unexpectedly" with the Federal Reserve.

Speculation is already flowing all over Washington, DC that it may have something to do with "the survival of the government."

Members of the House and Senate are said to have been "up all night" in discussions and meetings; with floods of phone calls back and forth.

More: Tuesday and Wednesday the G20 Finance Ministers and Central Bank Governors meet in DC and on Thursday the IMF and World Bank meet in DC as well.

All the leading bankers in the world will be in DC this week.

Something wicked this way comes and it is coming very, very soon; within days we suspect.

Next Tuesday: The Chinese are scheduled to announce their switch from dollar to yuan on Tuesday, April 19th; which will send about two TRILLION in cash back to the US and send inflation skyrocketing overnight.

If you are not prepared, you have run out of time.

You need to have emergency cash to live on in case banks close for a couple weeks and shut down credit, debit cards and ATM's; not cash to pay your bills, but rather cash to SURVIVE with for food, fuel, medicine.

Stores may have to close, so you'd better have food, the shelf-stable type that doesn't go bad: 50lb Bag(s) of rice, Boxes of various Pasta, canned meats, jarred sauces. Butter, sugar, salt etc. Enough to survive for awhile just in case.

UPDATE 1:35 PM EDT APRIL 11, 2016

While today's Expedited meeting of the federal reserve was called last Thursday, over the weekend astonishing banking developments took place in Europe.

Austria became the first European nation to utilize the new "Bail-in" regulations, seizing 54% of Senior Bondholders stock value to pay the bad debts of Hypo Alpe Adria bank / the Heta Asset Resolution AG. While senior bond holders were considered "preferred" creditors and got 46% of their investment covered, Depositors were considered "subordinated" creditors and got: NOTHING! Citizens were left broke. Story HERE

Five hours later, the Finance Minister of Italy called an Emergency Meeting of Italian Bankers in Rome to engage what he called a "last resort" to deal with 360 Billion in bad loans against banks with only 50 Billion in Capital. That story is Here.

It appears an actual worldwide banking crisis is lIterally within view on the horizon and this week seems to be when all of it may come to ahead. Perhaps that's why the Finance Ministers of the G-20 nations will meet in Washington Tuesday and Wednesday, and then on Thursday, the World Bank and IMF will meet in Washington.

With every major banker in the world meeting in Washington this week, something is surely "up," and many people are starting to think the general public is about to get "hosed."
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